Kings Park Capital exits

Lakeshore Leisure Group

Kings Park Capital exits

Lakeshore Leisure Group

“In a relatively short period of time, we have as a team been able to establish an innovative and enviable brand in the UK holiday market that truly provides a unique experience for the guest; our ability to achieve this was in many ways facilitated by the team at Kings Park Capital, who wholeheartedly supported the vision and backed myself and the team to deliver it.”

Stephen Twiss, Lakeshore Leisure Group CEO

Kings Park Capital (“KPC”) has sold Lakeshore Leisure Group (“LLG”) to a new UK subsidiary of Capfun, a pan-European
operator of 175 family-focused campsites and holiday parks headquartered in France.

LLG was created in July 2019, when KPC partnered with its CEO, Stephen Twiss, to acquire under-invested and undermanaged domestic holiday parks, and drive performance improvement through targeted capital investment, product
innovation and application of operational excellence.

The first two sites (Otter Falls and Clawford Lakes in Devon) were acquired at the same time, followed by the addition
of a third site in Devon (Lakeview Manor) in early 2020. In 2022, LLG agreed an option to buy a second greenfield site
on the North Devon coast (Clovelly Falls).

Despite the disruption to trading caused by Covid-19 in 2020 and 2021, KPC continued to make significant follow-on
investments in the portfolio, notably in the development of further holiday lodge pitches across the parks; the
refurbishment of the hotel and central facilities at Lakeview Manor; and a transformational 78-acre greenfield
development at Clawford Lakes, which has already been recognised as one of the leading holiday parks in the UK
following its first summer season of 2022. Under KPC’s ownership, revenues grew at a CAGR of 51% and EBITDA grew
at a CAGR of 77%.

The sale of LLG is KPC’s second successful investment in the domestic holiday parks sector, having previously
partnered with the management team to create Bridge Leisure Parks in 2010. The exit delivers a money multiple of
3x and an IRR of 46% for KPC’s investors.

Stephen Twiss, CEO of LLG, commented:

“In a relatively short period of time, we have as a team been able to establish an innovative and enviable brand in
the UK holiday market that truly provides a unique experience for the guest; our ability to achieve this was in many
ways facilitated by the team at Kings Park Capital, who wholeheartedly supported the vision and backed myself and
the team to deliver it.”

Artjom Dashko, Partner at KPC, added:

“LLG’s performance is a testament to the quality of its management and its differentiated holiday offering. With
proven organic growth opportunities and the ability to transform existing and greenfield sites, the business
represents an excellent platform for developing a leading player in the domestic holiday market, and we are proud
to have played a role in launching the business alongside Stephen Twiss.”

The shareholders were advised by KPMG Corporate Finance and Burness Paull, and management were advised by
Wyvern Partners.